Jump Main Menu. Go directly to the main content

Sección de idiomas

Englishen

Fin de la sección de idiomas

You are in:

  1. Home
  2. Communication
  3. News

News

Start of main content

Business

Jose Sevilla: "Complex regulations do not add value to banks"

The CEO also demanded from the supervisors the same banking regulation for all actors in the financial sector, be they banks, fintech or bigtech.

Communication Bankia

By  Communication Bankia

Publish on 
18 September 2019 - 20:00

Bankia's CEO, José Sevilla, has participated in the 2nd Banking Forum, organized by El Economista, in which he has called for simplifying complex European banking regulations and called for the same rules for all financial institutions, either banks, fintech or bigtech.

"In the regulatory field, I would like to ask the European Central Bank (ECB) for a simplification of regulations. We have built a complex and changing regulatory environment that does not add any additional value to the management of institutions”, he pointed out.

The CEO also asked supervisors to unify regulations for all the actors of the financial industry, including banks, fintech and bigtech. From his point of view, changes and major technology corporations are going "at full speed". "If regulations are not unified, we will have difficulties and scares in the future", he said.

If regulations are not unified, we will have difficulties and scares in the future.

José Sevilla
Bankia's CEO

As regards the latest measures approved by the ECB in terms of monetary policy, Sevilla has pointed out that they will affect the banking model, given that more negative rates for a longer period of time could have an adverse effect on banks.

The executive participated in a round table together with the CEOs of Caixabank, Gonzalo Gortázar; Santander, José Antonio Álvarez, and Sabadell, Jaime Guardiola.

The possible systemic risk of big tech

The Deputy Governor of the Bank of Spain, Margarita Delgado, was responsible for opening the forum with a speech in which she highlighted the importance for banking to approach technological changes with "responsibility and urgency".

Delgado insisted that the challenge facing the financial system is "big" and increases with the emergence of big tech, a phenomenon that, while it may contribute to expanding the range of financial services, entails "significant risks" that, according to her, "may even become systemic".

For this reason, she stressed that regulations must be "as neutral, fair and asymmetric as possible, allowing innovation while guaranteeing equal opportunity".

"The financial industry must reinvent itself to remain relevant. In this challenge, the importance of data stands out above all else. The future of the banking business involves accessing, managing and exploiting the information available in order to capitalise on the competitive advantages that the industry currently has”, she said.

Share

Print the new

Read more about these topics

#Business

Related news

Loading...
Loading next new

Newsletter

Subscription to the bulletin of Bankia News

CONTACT

External Communication Direction

Virginia Zafra de Llera
DIRECTOR OF EXTERNAL COMMUNICATION
vzafra@bankia.com

 

Press Relationship

Guillermo Fernández Martín
DIRECTOR OF PRESS RELATIONSHIP
gfernandezm@bankia.com

Mariano Utrilla Cortijo
mutrilla@bankia.com

Irene Rivas García
irivas@bankia.com

Belén Porras Povedano
bporras@bankia.com

María Campos Lages
mcamposla@bankia.com

María José Cabeza Calderón
jcabeza@bankia.com

 

Digital Communication

Ana Bernad Colás
DIRECTOR OF DIGITAL COMMUNICATION
abernad@bankia.com

Leticia Lucio Álvarez
llucio@bankia.com

María Navarro Caballero
mnavarro@bankia.com

   

End of main content